11022023 BUSINESS

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THURSDAY, NOVEMBER 2, 2023

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‘Incompatible’ Balmoral condo hotel is rejected

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BALMORAL Club’s eight-storey, 50-unit condo hotel expansion has been rejected by the planning authorities because it is “incompatible” with land use and development trends in the community.

Keenan Johnson, the Town Planning Committee’s chairman, yesterday confirmed to Tribune Business that site plan approval was refused because the project’s scale and “height in and of itself” did not fit with the existing gated residential community on Sanford Drive.

He added, though, that the Committee’s decision does not overturn its earlier February 2022 approval for a condo hotel that was half the height of the rejected application at four storeys

and targeted at a different location.

The Balmoral Club had sought a “deviation” from the early 2022 decision in its bid to gain approval for the larger condo hotel, but Mr Johnson said there is a time limit on the prior approval that will result in it expiring if work is not begun by a certain date.

While he did not say when that date is, the Town Planning Committee chair said the “overwhelming” opposition from Balmoral residents to the eight-storey condo hotel and concerns “we found to be extremely valid” helped the body understand the “negative impact it would have on the community if approved”.

Glyndell Josey, the Town Planning Committee’s secretary, in announcing the Balmoral decision, wrote: “This is to inform that the

SEE PAGE B6

BALMORAL CONDO CLUB RENDERING

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Pintard touts near-$50m equity gain on BPL plant

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light (BPL) enjoyed a near-$50m equity gain on its ‘Station A’ investment, the Opposition’s leader charged yesterday, slamming accusations of cost overruns as a “misrepresentation”.

Michael Pintard, in a statement, said this balance sheet improvement occurred because BPL’s new power plant cost around 35 percent less than similar-sized stations elsewhere in the Caribbean.

For an outlay of around $98m, he argued that the

MICHAEL PINTARD state-owned utility - and its New Providence household and business consumers had obtained a baseload generation plant that would typically have cost $145m.

SEE PAGE B4

FTX executive violated work permit restrictions

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN FTX executive breached Bahamian Immigration regulations by working outside the scope of his work permit, court documents have revealed.

John Ray, head of the 134 FTX entities in Chapter 11 bankruptcy protection in Delaware, produced evidence in legal filings this Monday that Ross Rheingans-Yoo had obtained a Bahamian work permit to act as a trader for Alameda Research (Bahamas).

The latter was the Bahamian affiliate of the private hedge fund/trading arm set up by FTX founder, Sam Bankman-Fried. Yet Mr

Ray is alleging that, in reality, Mr Rheingans-Yoo was working for “a sham Bahamian non-profit” created

by Sam Bankman-Fried, the crypto exchange’s embattled founder, to help channel $71.55m in purported charitable donations to life sciences companies.

These allegations, if accurate, would mean Mr Rheingans-Yoo was working outside the scope of his work permit. Keith Bell, former minister of labour and Immigration, previously warned that such breaches will result in work permits being revoked if detected.

The approval for Mr Rheingans-Yoo’s work permit,

SEE PAGE B10

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Wynn identifies three sites to avoid ‘parking anarchy’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A GOODMAN’S Bay developer yesterday said it has identified three potential off-site parking locations for construction workers and staff as it bids to avoid the “anarchy” that occurred during its first project.

Randy Hart, Wynn Group’s vice-president, told Tribune Business it was being “very proactive” in finding solutions to the parking congestion that sparked multiple complaints when its GoldWynn Resort & Residences were being constructed ahead of its “phase two” development.

That is the 14-storey penthouse project that is presently awaiting Town Planning Committee site plan approval amid opposition from some nearby residents, but Mr Hart voiced optimism that the developer has the parking situation “under control” and there will be no repeat

of a situation that saw the West Bay Street median and Goodman’s Bay public park crammed with workrelated traffic.

He spoke after Donald Adam, GoldWynn’s chief operating officer, in a message to the resort’s residents, tenants and team members, warned that “significant changes” to the GoldWynn Residences’ parking system that took effect from Monday, October 30, “may pose certain challenges”.

“As of Monday, any vehicle without a parking tag or an assigned parking space must park off the property,” Mr Adam wrote. “It is important to note that we do not endorse the usage of Goodman’s Bay for parking purposes, and GoldWynn Resort will not assume responsibility or liability for any incidents, theft or damage or other issues that may occur should someone choose to park there.”

This statement, though, was already last night

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PAGE 2, Thursday, November 2, 2023

THE TRIBUNE

Businesses ignore PR at their peril T

he term ‘public relations’ is thrown around quite frequently but, many times, is misunderstood. There was a time when many companies did not see the value of public relations unless a crisis occurred. Nonetheless, it is important that companies have some kind of public relations capability, whether it lies in creating a brand identity, maintaining corporate relationships and relations with the media.

When it is boiled down, public relations is the process of sharing information on behalf of a company or person in order to build relationships and influence public perceptions. It is also one of the most effective ways to build on marketing strategies and create a solid online reputation, especially for companies that have invested a tremendous amount of time and effort in staying on top.

Likewise, brands that actively engage in media outreach and seek to build great press and TV relations will likely enjoy a greater impact with consumers compared to brands that rely solely on content marketing as a means to raise awareness.

Public relations specialists will use a variety of mediums to create and disseminate information for a

By

DEIDRE

BASTIAN person or company. They often work hand-in-hand with marketing, communications or advertising departments to accomplish their goals.

It is is more than just making headlines. Reputation management during times of crisis or success is a factor that will strengthen and enhance your visibility before intended audiences, while the promotion of brand values helps to ensure trust and credibility is awarded not only to customers but also the media.

Public relations changes the way people think about a business. The online world has no control over attacks upon reputable

companies. However, one of the most effective ways to combat these issues is through the use of public relations campaigns, which can rebuild a positive image while maintaining and increasing brand awareness.

This method is effective as audiences are more likely to pay attention to a message delivered from objective and trustworthy sources, as opposed to paid-for advertising.

Nonetheless, by leveraging connections with influencers, public relations can build trust for a company.

Public relations not only provides businesses with support and guidance, but is always on stand-by should a disaster occur that could possibly threaten or damage the image of a company.

Public relations is a powerful tool that uses thoughtful strategies to influence how information about an individual or businesses should be disseminated to the public and media. The art of public relations should therefore be taken seriously. Public relations should be handled with care, and not only involve creating relationships with journalists but protecting and building company brands. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

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THE TRIBUNE

Thursday, November 2, 2023, PAGE 3

STOP ‘BEATING DEAD HORSE’ OVER BPL FUEL HEDGE ROW

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A CABINET minister yesterday urged the Opposition to stop “beating a dead horse” over Bahamas Power & Light’s (BPL) fuel hedging strategy and summer’s sky-high light bills.

Jobeth Coleby-Davis, minister of transport and

energy, hit out in the House of Assembly after Michael Pintard, the Opposition’s leader, again accused the Davis administration of causing Bahamian households and businesses of being burdened with soaring electricity costs as a result of its decision not to execute the trades that would have secured more cut-price fuel for BPL.

While giving his contribution on the Consumer Protection Bill debate, Mr Pintard said the high light bills were never “inevitable”. He added: “Every one of us who’s using BPL…the cost of electricity in the Commonwealth of the Bahamas for consumers is entirely too high.

And, of course, those that are serviced by BPL, it is unnecessarily high.

“There is a narrative that this administration has been seeking to sear into the public’s mind that it would be a dereliction of duty, as the Opposition, to stand idly by and permit them to do so.

“Their simple narrative is that the dramatic increase in electricity costs was inevitable, given all that was happening on the international market and,

of course, they use the Russia/Ukraine war and other contributing factors as an explanation but it is simply untrue. It was not inevitable.”

Mr Pintard accused both the Minnis and Davis administrations of making “fundamental errors relative to the management of BPL”, but maintained that it was the decision to not support the fuel hedge that

led to the increase in electricity costs.

He said: “This administration has made some fundamental errors relative to the management of BPL and they’re not alone. The Free National Movement has made mistakes in the past.

“But today, the 27.6 cents per kilowatt hour

SEE PAGE B11

PM: Consumer Protection Bill will help ‘reimagine economy’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE PRIME Minister yesterday said strengthened consumer protection laws are a key component in the Government’s plan to “reimagine the Bahamian economy”.

Philip Davis KC, leading off the House of Assembly debate on the Consumer Protection Bill, said the legislation - which will repeal and replace the existing Act that has been in effect since 2006 - shows the Government is committed to “economic security” for the most vulnerable elements in Bahamian society.

Describing the Bill as “part of a larger plan to reimagine the Bahamian economy”, the Prime Minister: “We must take action to break cycles of generational poverty and hardship in our communities. I also understand that the way things are set up, not everyone has the opportunity to succeed despite their best efforts.

Creating a fairer economy means helping those who want to help themselves to succeed.”

The “fairer economy” ambition, Mr Davis said, requires “protecting Bahamians from unfair and dishonest business practices” while also reducing the cost of living and promoting a more competitive business environment. The new Bill, he added, would bring The Bahamas closer to realising this vision.

“The current Consumer Protection Act has served as a foundation to ensure fairness in our local business environment for many

years. However, it became clear that there was a need to update the law,” Mr Davis added.

“With this proposed Bill, we are making those needed amendments to the law to drive healthy competition, protect Bahamian consumers and promote customer satisfaction. Trust is the key to a healthy business environment. In putting these protections in place, we are reassuring the Bahamian people that they can trust that the law will have their back when they encounter unfair and dishonest business practices.”

He added: “One of the most powerful new mechanisms that Bahamian consumers will have access to under this Bill is the expansion of the ways that they can lodge complaints. If you encounter unfair business activities, you can file a complaint from anywhere, even if you are not in the country your geographic location will no longer be a barrier to receiving justice.

“In this Bill, we are protecting minors and those who are too ill to make decisions for themselves, as well as people living with disabilities, because these populations also deserve to be protected. In cases where a person is unable to give testimony in-person, they will now be able to deliver that testimony virtually instead, once again expanding access to justice for those who are wronged.”

Under the new Bill’s provisions, all businesses must be licensed and registered in accordance with the law or they will incur penalties and other sanctions.

“Those who seek to mislead or deceive consumers will be held accountable for their actions. And those who seek to bully, harass or coerce consumers into making purchases will also be held accountable for their actions,” Mr Davis said.

The Bill will also impose restrictions on pyramid schemes plus provisions to hold their promoters accountable. There will also be public education campaigns around consumer rights in general.

“Those who seek to mislead or deceive consumers will be held accountable for their actions,” Mr Davis said. “And those who seek to bully, harass or coerce consumers into making purchases will also be held accountable for their actions.

“Unfortunately, this is necessary because there are people out there who prey on the vulnerable in our society. They search for those they consider easy targets and develop a skill-set around deception, aggression and criminality.

These unfair practices must be, and will be, penalised.

“The Consumer Protection Bill (2023) will enhance the protections available to those who fall victim to these tactics and ensure that we can effectively identify and hold these predatory goods and service providers accountable,” the Prime Minister continued.

“This includes the restriction of pyramid schemes.

So, those who are prone to promoting these get-richquick pyramid schemes in The Bahamas to take advantage of people’s desire for success and financial stability, know that you will be

NOTICE

TO ALL PENSIONERS & BENEFICIARIES OF THE

BAHAMAS HOTEL AND ALLIED INDUSTRIES PENSION FUND VERIFICATION AND DISTRIBUTION OF GIFT CARDS THE BAHAMAS HOTEL AND ALLIED INDUSTRIES PENSION FUND

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Dates

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Monday November 27th Wednesday November 29th

G, H, I J, K, L

Thursday November 30th Monday December 4th

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Tuesday December 5th Thursday December 7th

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Wednesday December 13th Friday December 15th

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held accountable and liable for the damage you cause to people’s lives......

“Just a few years back, there was a very popular trend being marketed to the Bahamian people – they called it a Loom. Those who launched businesses promoting Loom services essentially relied on a pyramid structure with no real product or service for sale.

It relied on the money coming in from members to pay the members who started the Loom. Many people fell victim to this trend with hopes of making a rewarding return on their investments.

“This Bill now protects those who are targeted by similar pyramid schemes and holds the ones who

target consumers with these schemes accountable.”

Mr Davis added: “There are also specific obligations imposed on providers that the business community and the general public should be aware of. There is the obligation to honour the terms of a warranty.

There is an obligation to inform consumers when goods have been reconditioned, rebuilt or remade, and there is the obligation for the price of a good to be disclosed, among other obligations.

“This bill, at its heart, is about fairness. The Bahamian entrepreneur who is starting a new business will now know that they are playing according to the same rules as larger

businesses when it comes to providing quality goods and services at fair prices according to reasonable standards. And when Bahamian families purchase local goods and services, they will know that there is a recourse for them should they need it.

“There are also specific obligations imposed on providers that the business community and the general public should be aware of.

There is the obligation to honour the terms of a warranty. There is an obligation to inform consumers when goods have been reconditioned, rebuilt, or remade, and there is the obligation for the price of a good to be disclosed, among other obligations.”

Does Anyone In Nassau Play The BAGPIPES? PLEASE CONTACT | 376-8310

PAGE 4, Thursday, November 2, 2023

THE TRIBUNE

Pintard touts near-$50m equity gain on BPL plant FROM PAGE B1 “All totalled, including civil works, Station A costs about $98m and has a capacity of 132 MW (mega watts).

This gives an average cost per megawatt of $742,424,” the Free National Movement’s (FNM) leader asserted.

“After completion, a cost comparison was performed for Station A as compared to other Caribbean island power plants, and it was determined that on average other Caribbean plants were constructed for $1.1m per MW. This gave Station A a valuation of about $145m, with additional equity realised by BPL on its balance sheet of about $50m. BPL built Station A at a 35 percent reduced cost over similar-sized power plants.”

Mr Pintard’s statement came as he defended the decisions of the Minnis administration, in which he served as a Cabinet minister, against allegations that the project to house the seven Wartsila engines in Clifton Pier’s ‘Station A’ had to-date incurred $21m in “cost overruns” that are continuing to mount.

Jobeth Coleby-Davis, minister of transport and energy, in disclosing a review of ‘Station A’ dated July 30 this year, argued that the $117.9m spent on ‘Station A’ “to-date” represents a $21m “overrun” on the initial $96.9m budget allocated under the Minnis administration. In percentage terms, this alleged “overrun” is around 21.7 percent.

However, Mr Pintard yesterday slammed this as “a misrepresentation” because the $117.9m figure includes

BPL STATION A ongoing costs and expenses incurred after the initial outlay to acquire, install and bring the seven Wartsila engines online - a sum he pegged at $98m. The Opposition leader demanded that the Government provide a breakdown of the costs, and when they were incurred, to substantiate its allegations.

“They are misrepresenting that,” Mr Pintard told Tribune Business of the “cost overrun” accusations. “One of the things we challenge them to is to lay the documents in the House outlining the cost overruns. We don’t believe they’re prepared to break that down. It’s a misrepresentation.”

The dates in the report,

by BPL chief executive Shevonn Cambridge, signal that at least some of the $117.9m relates to expenses incurred after the Minnis administration was voted

out of office in September 2021 because they refer to the year 2022. And the report’s use of the term “todate” indicates that ongoing expenses are included in the $117.9m figure because it comprises all costs up to end-July this year.

The report said the $117.9m figure was broken down into $108.3m for the seven Wartsila engines and their “auxiliary” support infrastructure “through 2022”; $7.5m in expenses related to the “dismounting of Station A”; and $2.1m of repairs that remain ongoing to fix the building’s structure and prevent concrete spalling.

Mr Pintard, meanwhile, alleged to this newspaper that the Davis administration released the ‘Station A’ review in a bid to deflect blame away from itself over BPL’s sky-high light bills. He argued it was

seeking to distract the public from its failure to continue BPL’s fuel hedging strategy, which the Opposition has repeatedly identified as causing these soaring electricity costs, and pin the blame on the previous government.

“The Government is attempting to spin this story,” the FNM leader said. “We believe it’s the case that the Government is facing a backlash from both residents and businesses that are justifiably outraged with increasing prices and the lack of government answers as to how they will bring those prices down without causing hardship.

“No amount of deflection is going to confuse the public about what caused the high bills they currently have. The public is not buying that argument.

I believe the public is so angry with these costs that

their advisers have told them they have to find a way to spin this story, and they will go to great lengths to spin this matter. They are looking at every angle to explain how we got here.

“They know the decision [over the fuel hedge] was bad, and rather than confess and move on, and come up with a strategic plan, this all about cloak and daggers.” Mr Cambridge’s report challenged some of the decisions by the former BPL Board and management over the supporting infrastructure provided for the Wartsila engines, as well as the decision to house them in ‘Station A’ given the concrete “spalling” issues.

However, Mr Pintard said both the then-BPL Board and management were aware of these issues and the need for further investment to address them.

“BPL knew that additional work needed to be done to the building façade and roof of Station A. However, this work was secondary to getting the power plant up and running,” he added.

The Opposition leader yesterday renewed his call for the Davis administration to unveil a “comprehensive strategy” for addressing all BPL’s woes, including legacy debt that was pegged at $320m-plus; its aging transmission and distribution infrastructure; pension plan deficit and environmental liabilities.

“The Government has still not articulated a comprehensive programme as to how they will deal with a range of issues. It’s absolutely crucial they do that,” Mr Pintard told this newspaper. “What we need is a long-term solution. That’s the only way the fuel charge is going to climb down from 27.6 cents per kilowatt hour to try and get back down to around the 10.5 cents they met in place.

“And even lower to eight to nine cents. That was discussed by the Board prior to the election; that we would be headed in that direction once LNG came online.

We’ve been saying consistently that the Government needs to find a sustainable solution. The former Board and management did a commendable job regarding a deal and formula that would pay dividends in the longterm generation of power at an economical rate.”

The “deal” that Mr Pintard referred to was the negotiations with Shell North America to take over New Providence’s baseload generation via a 20-25 year power purchase agreement (PPA). The latter would have incorporated ‘Station A’ and the Wartsila engines into its new power plant, which would have been supplied with LNG via a newly-constructed regasification terminal.

This newspaper understands that terms had largely been agreed with Shell when the Government changed hands in September 2021. The deal has gone into abeyance ever since, with little to nothing heard of it.

Mr Pintard also conceded that, with global interest rates having increased to fight inflation, both the Minnis administration and current government “missed the window” to launch BPL’s mammoth $535m refinancing via the planned Rate Reduction Bond (RRB) as the costs this will impose on household and business consumers have risen sharply as a result.

“The Government has to take another look at what was left in place,” he argued.

THE TRIBUNE

Thursday, November 2, 2023, PAGE 5

PINTARD DENIES SHELL SIDELINED OVER ENGINES

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net FNM leader Michael Pintard yesterday denied that Shell North America was sidelined during the selection process for new engines at Bahamas Power and Light (BPL) under the last administration.

The Opposition leader was responding to questions tabled by Minister of Energy and Transport JoBeth Coleby Davis during the last session of the House of Assembly regarding BPL’s contract to replace Station C after a fire and if the contract was “favourable” to the country.

While giving his contribution on the Consumer Protection Bill, Mr Pintard said Shell North America was a part of the selection process for the Wartsila engines as they were meant to be a part of the asset portfolio for a new power generation entity.

He said: “The discussion that was delivered previously made mention that Shell North America was sidelined after the fire. It’s not true … and in fact, Shell North America was a part of the process in the selection of the engines for station A and ultimately was a part of the process in selecting Wartsila.

“The reason why Shell North America was a part of the process in selecting was Wartsila was because BPL intended to have these new engines transferred to the new power generation entity Power Co in which Shell North America would have a majority stake and BPL would have a minority stake.

“It was important that Shell North America saw the engines as a part of its long-term power generation strategy as a part of the power purchase agreement that was being negotiated with BPL and Shell North America.”

Earlier this week, Ms Coleby questioned why BPL did not contract rental generation to replace Station C after the fire and why the generators were placed in a structure that could not adequately facilitate them.

She said: “What prevented BPL from conducting a competitive process to contract rental generation to replace Station C after the fire in 2018?

“Do we consider the terms to be favourable to The Bahamas and in line with industry standards?

“Why was the contract amended to add more generators in a building acknowledged at the time of the decision as structurally incapable of bearing such weight?”

Mr Pintard said that the Minnis administration did not secure rental generation as the costs would have cut into the resources needed to purchase generation assets for the utility’s balance sheet.

He said that at the time it was predicted that generational assets at the Blue Hills plant would make up the shortfall at Clifton Pier but they were lost unexpectedly leading to load shedding in the summer of 2019.

He said: “BPL made the decision not to secure rental generation after the fire because this would have created a significant cost centre for BPL and would have taken away financial resources that could be applied to the purchase of generation assets to be part of the company’s balance sheet.

“At the time, BPL numbers had generation assets undergoing maintenance at Blue Hills power plant that could make up to 60MW shortfall that we were experiencing at Clifton Pier.

“Unfortunately, after coming off winter maintenance in spring of 2019 BPL unexpectedly lost to large generational assets at the Blue Hill plant and was not able to secure the additional rental generation for the summer of 2019. And that is what led to the load shedding in 2019.

$600m Shipyard project set to boost GB investor confidence

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE GRAND Bahama Chamber of Commerce’s president yesterday said Grand Bahama Shipyard’s $600m dry dock groundbreaking should boost investor confidence in the island.

James Carey, though, told Tribune Business he is still awaiting to learn how many construction and full-time jobs the project will produce. “It would be nice to know if it’s going to accrue 500 jobs or 5,000 jobs and tell us what the situation is going to be,” he added.

Prime Minister Philip Davis KC said during the ground-breaking that the project will “catalyse quality career paths for Grand Bahamians”, but did not articulate the type of jobs or how many will be created.

Grand Bahama Shipyard executives said final numbers were still being determined.

“They have said how much that is going to be spent and some of the other things, but they have not given definitive information about the employment.

Employment has to come with it,” Mr Carey said.

“But it’s very encouraging that all of that negative talk is gone, and hopefully for good, and we can see the Government and the Grand

Bahama Port Authority (GBPA) trying to work together. Negative talk does not engender anything good. I am very happy about it, it feels good.

Grand Bahama is starting to feel better, and hopefully that will accrue the good stuff and good money on the ground in due time.

“I think it will boost investor confidence in Grand Bahama. It’s not so much about the GBPA, but about boosting investor confidence in Grand Bahama and because people tend to hold back if it’s negative. So we’re anticipating, because there’s a number of projects out there, hopefully it will spark them to get going.”

He added that the Wartsila engines are tri-fuel, but they were not outfitted with nozzles for LNG as the fuel source was not anticipated for at least three years and if installed at that time they would become contaminated and money would have been wasted replacing them.

He said: “The Wartsila engines are tri fuel and the engines could operate on LNG, heavy fuel and ADO. The engines were installed and are gas capable. The nozzles were not, this is the point, that nozzles were not installed to make the engines gas ready because LNG was not planned or anticipated

as a fuel source for at least three years.

“If the engines were made ready gas ready from day one, meaning the equipment had the capacity, but was not made gas ready, what you would have had is our investment would have been wasted because after three years without LNG as a fuel source the nozzles would have been contaminated by the liquid fuels.

That is why the nozzles were not installed, although the system was able. The engines would have been made gas ready only when the LNG fuel source is available.”

He said the Wartsila engines were negotiated at a “significant discounted rate” and Shell North America had agreed to purchase all engines as part of the new utility that was to be formed.

He said: “BPL made the decision to add three additional engines for a total of seven, it was determined that was that the seven engines fit into Station A, and the cost for the engines were negotiated at a significant discounted rate. Shell North America had agreed in principle to purchase all engines as part of the Power Co entity to be formed.”

PAGE 6, Thursday, November 2, 2023

THE TRIBUNE

‘Incompatible’ Balmoral condo hotel is rejected FROM PAGE B1 Committee, in their meeting held October 24, 2023, has resolved to refuse the proposal submitted on behalf of the Balmoral Club care of Michael Diggiss & Associates relative to the subject matter.

“Kindly also note that the application was refused for reason(s) such as the proposed development is deemed to be an incompatible land use, and the scale of the development is not in keeping with the prevailing trend of development in Balmoral.”

Mr Johnson, speaking to Tribune Business yesterday, said: “No, we didn’t approve it. The main reasons are set out in the letter; that it was incompatible with the land use and also incompatible with the prevailing trends in Balmoral. The height in and of itself we thought was incompatible.”

The Committee chairman, though, explained that the rejection of the eight-storey proposal does not impact the previous approval granted to the Balmoral Club’s fourstorey version in February last year. “Last year February they made a request for four storeys, which was

approved,” he said, “and then requested a variation to eight storeys.

“The public hearing was about the application that we received for eight storeys. They had already been approved for four storeys.

This approval only lasts for a particular period of time that they have to act on it. If they do not move ahead with the development for four storeys in a particular timeframe, that approval will expire and they will have to register for re-approval.”

It is presently unclear whether the Balmoral Club will move ahead with the four-storey proposal. The earlier Town Planning Committee approval, revealing that the condo hotel application was first submitted more than two years ago on August 24, 2021, granted site plan approval subject to the project meeting several other conditions.

These included obtaining a Certificate of Environmental Clearance (CEC) from the Department of Environmental Planning and Protection (DEPP) prior to work beginning.

“On-site drainage and internal roadways must meet the requirements of the civil design section of

the Ministry of Works,” the earlier Town Planning Committee approval stipulated.

“Provisions for site infrastructure (electricity, water supply and treatment and waste management) must be reviewed and meet the requirements of the relevant utility corporations.

Any excavation on the property must adhere to the provisions of the Conservation and Protection of the Physical Landscape of The Bahamas Act.” Mr Diggiss, the condo hotel’s architect and project manager, in a May 30, 2023, letter said a “deviation” from the original 2022 approval was being sought because of a change in the condo hotel’s location to the north-east portion of the existing Balmoral clubhouse. No mention was made of the doubling in storeys from four to eight.

Tribune Business sources, speaking on condition of anonymity, said Balmoral residents and homeowners were unaware of the four-storey proposal or the original Town Planning Committee approval from 2022 until the expansion required that the project

be published in the newspapers and a public hearing held.

“When they had to publish it was eight storeys everyone went: ‘What?’

We didn’t know about the four storeys,” one contact said. More than 60 families signed a petition opposing the project within “a couple of hours”, and Mr Johnson confirmed their opposition had been a factor in the Committee’s decision.

“The residents and their concerns always play a huge factor in our consideration,” he told Tribune Business.

“It was an overwhelming show against it, and yes, the fact they would be heavily impacted we took that into consideration.

“It was not just the fact they objected, but their views and concerns - their specific concerns - we found to be extremely valid and gave us a greater appreciation that the development requested was not compatible with the area. They did help us understand the negative impact it would have on the community, and these things were fully considered in our deliberations as we made a decision.”

Balmoral residents, in the petition opposing the 119 feet high condo hotel in their gated community, located on Sanford Drive just to the west of the US ambassador’s residence and at the back entrance to the Prime Minister’s Office/ Ministry of Finance, argued that its development would undermine their quality of life, security and hit property values.

“The presence of a hotel will undoubtedly decrease property values in the area due to persons not wishing to live in

a commercial-zoned area with excess noise, traffic and increased security risks,” the petition argued.

It also referred to fears over the “potential difficulty of selling or renting residential properties in a commercialised neighbourhood originally sold/ marketed as a gated private resident neighbourhood.

The community in its current state is very desirable, and this desire will decrease with the addition of a hotel.

“Residents who purchased or invested in Balmoral because of the privately gated nature of the development will now want to sell their homes rather than be a part of a commercialised community,” the petition added.

“More than 200 families call Balmoral home. They trust that their children are safe playing out of doors.

They feel secure walking their dog in the evening or arriving home and entering their doors after dark knowing that the security at the gate and roaming in golf carts provides the soughtafter protection for which they pay monthly in their HOA (homeowners association) fees.

“A hotel within the confines of a solely residential neighbourhood opens the doors to those who come and go on a transient basis.

They have no ties to the community and there is no way to track who enters the property as hotel guests, their guests, vendors, staff, taxi and livery services, housekeeping, laundry services and more.”

The petition also argued that a condo hotel would over-burden Balmoral’s already-strained infrastructure. “The single condo,

townhouse, 2.5 storey and private residences of the gated community of Balmoral were constructed on the site of what was a single-family estate,” it added. “The infrastructure is strained to the limit at present. Sewerage back-ups are far too common.

“Numerous reports have been filed and are on record with the Water & Sewerage Corporation, which has made innumerable visits to the property. Any further strain would only cause more sanitation issues and could possibly make Balmoral uninhabitable for a period of time until full infrastructural redevelopment took place, if ever.

“The proposal calls for additional public restrooms when the infrastructure cannot keep pace with those in private residences.

A 50-key hotel could hold up to 150 guests per day and staff of twice that on a 24-hour basis,” it added.

“Construction of a major facility such as a hotel or high-rise condominium necessitates heavy equipment, trucking, crew vehicles all taking their toll on the roads and causing further congestion on a property that is bulging at the seams as is. Additional traffic, and that with no ties to the community, would also pose new hazards to children at play and others, including pedestrians, drivers and passengers....

“The current owners and applicants for this condo hotel knew full well that Balmoral was a private residential community when they purchased the property and that the entire area was zoned residential.”

PAGE 10, Thursday, November 2, 2023

THE TRIBUNE

FTX EXECUTIVE VIOLATED WORK PERMIT RESTRICTIONS FROM PAGE B1 dated April 30, 2022, and signed by Keturah Ferguson, the then-Immigration director, confirmed that it was valid for a year and stipulated he would be acting as a “trader” for Alameda Research (Bahamas). The approval was addressed to Clement Maynard III at Clement T. Maynard & Company, the Bahamian law firm then representing FTX’s interests locally, The purported violations of Bahamian Immigration law and regulations emerged as the Prime Minister’s Office finally confirmed that Philip Davis KC’s son, Christopher,

did meet with Mr BankmanFried to discuss the possible use of non-fungible tokens (NFTs) - a form of digital assets - in helping to generate revenue for Junkanoo artists, straw vendors and others whose works could be sold online.

“Christopher Davis, the son of the Prime Minister, an author and researcher on the history of slavery in The Bahamas, is the founder of a non-profit organisation called Sankofa Flamingo, which strengthens Bahamian ties to historical roots in Africa and promotes Junkanoo in Africa,” the Prime Minister’s Office said in a statement.

“In the fall of 2022, Sankofa Flamingo was exploring ways to use NFTs, or non-fungible tokens, to benefit Junkanoo artists, straw vendors and others whose artistry would be represented in digital form and traded online.”

Pointing out that, at that time, “FTX was one of the most prominent exchanges for the trade of digital assets”, the statement added: “NFTs were thought to hold great promise for providing artists with a new revenue stream to support their work.

“Christopher Davis and a fellow non-profit colleague had a single meeting with Mr Bankman-Fried to learn

more about NFTs. Neither Christopher nor his nonprofit received any funding as a result of the meeting.”

The statement was issued in response to reports some two weeks ago that Mr Davis asked Mr Bankman-Fried to provide advice to his son about a digital assets project the latter was working on just two months before FTX collapsed.

The disclosure came during the FTX founder’s ongoing New York trial over the misappropriation of billions of dollars in client funds, when prosecutors asked an investigating FBI agent to clarify why Mr Bankman-Fried is facing wire fraud charges.

Danielle Kudla, from the US attorney’s office for southern New York, produced a September 2022 email purportedly sent by Philip Davis KC to the FTX founder as confirmation of the latter’s phone number.

The message, sent from a gmail address and allegedly containing Mr Davis’ contact information, saw Mr Bankman-Fried send his own phone number in reply.

The Coindesk website, which is covering the latter’s trial, reported that Mr Davis in the e-mail asked Mr Bankman-Fried if his son could call the FTX chief to talk and seek advice about a nonfungible token (NFT) project he was working on. NFTs are a form of digital assets.

Mr Bankman-Fried allegedly seemed agreeable, and said he would be available to the Prime Minister’s son via Zoom or phone.

The Prime Minister’s Office elected not to comment at the time when approached by Tribune Business about these allegations, and only seems to have responded now after further claims of dealings between Mr Davis and Mr BankmanFried surfaced during the latter’s latest testimony in his trial before the New York federal courts on multiple

fraud and money laundering counts.

Meanwhile, Mr Ray’ legal filings detailing the work permit breaches, alleged: “On April 11, 2022, Rheingans-Yoo executed an employment agreement with Alameda Bahamas, a wholly-owned subsidiary of Alameda. The employment agreement was dated April 11, 2022, and applied retroactively starting on March 1, 2022.”

The dates suggest that Mr Rheingans-Yoo’s work permit was approved within 19 days of the employment contract being signed, given that Ms Ferguson’s letter was dated April 30, 2022. “The employment agreement provided that Rheingans-Yoo would be employed by Alameda Bahamas as a ‘trader and investment associate’ and that he would report to Caroline Ellison,” Mr Ray continued.

“Rheingans-Yoo’s work visa in The Bahamas was predicated solely on his employment as a trader for Alameda Bahamas. However, notwithstanding the terms of the employment agreement or his work visa, there is no evidence that Rheingans-Yoo ever performed any trading work or investment services for Alameda Bahamas.

“The employment agreement provided that Rheingans-Yoo would receive a salary of $100,000 per year to be paid by Alameda Bahamas.” Bonuses were also part of the deal, but Mr Ray alleged: “In actuality, however, Rheingans-Yoo worked as the executive director of Latona, a sham Bahamian non-profit entity that Bankman-Fried and Rheingans-Yoo used to invest in life sciences companies.

“His salary and bonus were paid by FTX Digital Markets, not by Alameda Bahamas.”

The former is FTX’s Bahamian subsidiary, which means that Mr Rheingans-Yoo’s case may belong in the Bahamian liquidation rather than the Chapter 11 proceedings.

Mr Ray’s action seeks to dismiss Mr RheingansYoo’s near-$1m claim against Alameda Research (Bahamas) for unpaid salaries and bonuses. He was awarded a $330,000 bonus for the 2022 first half, but was paid $375,000 in cash - $50,000 more than what he was supposed to receive via this payment form - from FTX Digital Markets, the Bahamian entity.

THE TRIBUNE

Thursday, November 2, 2023, PAGE 11

STOP ‘BEATING DEAD HORSE’ OVER BPL FUEL HEDGE ROW FROM PAGE B3 [fuel charge] is a result of the Davis/Sears decision in large measure to reject good advice that they got to claim not to have seen, eventually accepted that they have seen, but rejected. They refused to keep in place a hedge programme.”

Mrs Coleby Davis countered that the report by Shevonn Cambridge, BPL’s current chief executive, on the utility’s ‘Station A’ power plant at Clifton Pier showed the Minnis administration made a “bad decision” and that fuel hedging would not have prevented a “domino effect” resulting from these poor choices.

She said: “We are basing our information off the facts as they are presented in the report that comes specifically from BPL. So we are not creating a narrative for the Bahamian people. We have disclosed to the Bahamian people with supporting documents and, at the end of the day, the report makes clear what is the end result of a bad decision that was made by the previous administration.

“No hedging that they keep beating a dead horse about could fix when you

have already made a bad decision. There is a domino effect that comes as a result of that decision.”

Mrs Coleby-Davis added that hedging is based on the numbers presented in a budget, and its benefits are reduced or eliminated if these targets are not met. “Let’s start the narrative and a story from what transpired, and I will correct every time you make that comment, because you cannot depend on hedging,” she said.

“If I start hedging, I give them a budget. I based my budget on the numbers that I’m seeing. So I expect my returns would be based on the numbers I present them.

That’s what you hedge with.

You had what you expect, and [if] your estimate is right..... you are saying I’m in the money based on these numbers. If your budget after the fact doesn’t align with what you presented, your numbers are off and you do not benefit.”

Mr Pintard replied that the cost of electricity “skyrocketed” under the Davis administration. He said: “When this administration came to power, it was expected that the cost of electricity per kilowatt hour was around 10.5 cents

and could oscillate up to 11.5 cents maximum. This administration, after they ended the hedge, predicted themselves that they were heading to 27.6 cents.

“So all of the talk that has been run on by this particular administration, the reality is the cost of electricity skyrocketed under them as predicted by them....

The hedge programme, a proven programme in a number of jurisdictions, inclusive of Grand Bahama, we find interesting and disingenuous. Here’s an administration criticising a programme saying: ‘Oh, it could never work…but the very programme…”

Mrs Coleby-Davis interjected and said hedging can be risky. She argued that it was not “workable” because of the fuel mix, and maintained that the returns were not seen due to “poor mismanagement” by the Minnis administration. The minister also chastised Mr Pintard, saying: “You don’t understand hedging.

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“I’m not going to allow a misrepresentation of this administration,” she added.

“I know what hedging does.

Hedging also comes with a risk. Nobody is saying hedging is not workable.

I am saying given the circumstances of what was presented in the report,

and the fact that they had to deal with a fuel mix that they did not calculate for in their budget, it at the time was not workable.

“The returns was not appreciated in their budget after the fact because of what they had to spend because of poor

mismanagement on [the Minnis] administration’s part. So please stop saying this government do not understand hedging. You don’t understand hedging at the time that they thought it would work. The previous administration don’t understand it.”

PAGE 12, Thursday, November 2, 2023

THE TRIBUNE

Wynn identifies three sites to avoid ‘parking anarchy’ FROM PAGE B1 fuelling concerns among Bahamians on social media that GoldWynn-related vehicles could end up taking over the Goodman’s Bay public parking lot and push locals and other users out. “Is he directing their employees to park on the public beach of Goodman’s Bay which belongs to the Bahamian people?” asked one.

Mr Hart downplayed Mr Adam’s note, suggesting he was simply trying to bring order to GoldWynn’s parking situation and stop persons parking in the wrong spot. He added that the resort has more than sufficient parking, but some spots are presently unusable as the property continues to “de-clutter” and remove remaining construction

materials presently stored there.

“As far as phase two, we’re committed to a solution that involves off-site parking for the construction so we don’t have a drag over with some of the issues we had in the first phase,” Mr Hart told Tribune Business. “We have a vested interest in ensuring there’s no kind of anarchy parking in front of the resort with construction workers.

“I’m actually working to resolve the off-site parking issues. We have three sites we have identified that could be used for parking going forward. We provided an undertaking to the Town Planning Committee that this is what’s going to happen.”

Mr Hart said it was premature to identify any of the three possible locations, adding: “I’m working with

the lawyers to ensure each site has appropriate zoning and we will not have issues there. We’re being very proactive on the parking.

“It’s in our best interest as well as the public’s best interest to ensure there is no nuisance on West Bay Street in and around our property, and everything is orderly and we don’t have people parking on the median.”

The Wynn vice-president said the developer had brought parking-related issues to “the attention of the authorities, and we need to have some back-up from the police”.

Noting that he has previously asked multiple lunch vendors not to park on the West Bay Street median by the resort, he added: “I don’t have a badge. I can’t issue a citation.

“We’re going to try and co-ordinate all of that to avoid a reoccurrence of any of the issues we saw with the first building..... We don’t see workers parking in front of GoldWynn any more, we don’t see people parking all over the place.

We don’t see a bunch of cars on the park. It’s under control.”

Mr Hart said Wynn’s plans to “beautify” the roadway and median on West Bay Street running through Goodman’s Bay will also prevent previous parking woes. “For all those reasons we believe we have a sustainable plan,” he added.

“One more thing: We’ve also resolved as part of the phase two plan to strongly discourage any of our staff from parking at the Goodman’s Bay parking lot with off-site parking. They will have an alternative and that is what we have to offer. I don’t see any parking issues being an issue with respect to phase two.”

Mr Adam, in his note, said “the time has now come for us to assign each owner their designated parking space” following the GoldWynn Residences’ launch. As a result, from Monday onwards only residential owners can park in

the underground parking lot, and they have to use their designated spots.

Turning to tour and car rental operators, such as Tarzan Tours and Butler Luxury Car Rentals, as well as amenity providers such as spas, Mr Adam said they can only use their designated spots from now on and hang their parking tags in visible spots otherwise security may deny them access.

The 20 parking spots on the western side will be reserved for hotel guests exclusively, and he added: “Furthermore, our commitment to safety and traffic management extends to the enforcement of no parking in the median or the acceleration/deceleration lanes in front of the property.

“We have collaborated with the Bahamian police to help enforce this for the safety of all. Vehicles found parking in violation of these rules will be tagged and/or towed.” Traffic congestion and parking woes featured prominently during the recent public hearing on GoldWynn’s penthouse project.

“There’s been much talk about the traffic study,” Mr Hart said. “An important point is this building is only 40 units, so it’s much, much

PUBLIC NOTICE This is to inform the public that B.K.B Enterprises Machine Shop located on #96 Miami Street will be closing permenantly on Friday, November 24th, 2023 Signed BKB Enterprises Management

lower density than the original GoldWynn. It will have a very, very marginal impact.

“Whereas the hotel may have a lot of people coming and going, this one will have much fewer units and we also have the egress to the side through the existing entrance so there’s no separate entrance with GoldWynn two which would, I think mitigate any impact.

“We did have extensive discussions with the Department of Physical Planning and Ministry of Works regarding a possible roundabout in front of the Prime Minister’s Office.

We were certainly open to the possibility,” Mr Hart continued.

“However, there are some major logistical challenges and we found that the radius of that roundabout, in order for large trucks and equipment to continue down West Bay Street, would require part of the front of the Prime Minister’s Office and part of some of the adjoining property owners. There was no real easy practical fix.”

Mr Hart, though, said Wynn would take measures to prevent cars and food trucks from crossing and parking on the West Bay Street median at Goodman’s Bay when it executes its penthouse project after securing the necessary approvals.

“We don’t want a carnival atmosphere in the street in front of the median,” he added, “so with the second phase it’s our intent to find off-site parking for the staff and then we can really try and minimise any impact that will have in the shortterm. That’s basically where things stand.”

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THE TRIBUNE

Thursday, November 2, 2023, PAGE 13

DOORDASH ORDERS SURGE 24% IN THE THIRD QUARTER, HELPING TO NARROW THE DELIVERY APP’S LOSSES

By DEE-ANN DURBIN AP Business Writer DOORDASH powered past sales and earnings expectations in the third quarter, saying a growing mix of stores and faster service is drawing customers in the U.S. and abroad.

The San Francisco delivery company said Wednesday its total orders grew 24% to 543 million in the July-September period compared to the same period a year earlier. That was well above the 521 million orders Wall Street had forecast, according to analysts polled by FactSet. DoorDash said revenue jumped 27% to $2.16 billion, also ahead of the $2.09 billion analysts were expecting.

DoorDash shares jumped more than 7.5% in afterhours trading.

The company said its monthly active users — or customers who placed at least one order in the past month – increased at double-digit percentage rates in September, with strong demand from both the U.S. and international markets.

Growth in order frequency also accelerated from the second quarter, the company said.

In a conference call with investors Wednesday,

DoorDash CEO Tony Xu acknowledged that delivery may seem like a luxury that consumers would drop in times of high inflation or economic uncertainty. But Xu said there is also a longterm trend toward greater convenience.

"If someone has some dollars to spend, it tends to start with the category of the highest frequency where they also seek convenience," he said. People eat 20 to 25 times per week, he said, so DoorDash fills that need.

For the moment, Xu said, DoorDash isn't seeing any impact to food demand from appetite-suppressing drugs likes Ozempic.

"I hope that they actually work," he said. "I do think they're solving a problem for the patient."

DoorDash is also growing its non-restaurant business, giving consumers more reasons to shop from

its platform. The company — which added grocery delivery in 2020 and convenience store delivery in 2021 — now offers delivery from 100,000 non-restaurant stores in the U.S., up from 40,000 just two years ago.

But Xu said DoorDash remains a tiny fraction of the food and retail business overall, particularly in the 27 international markets where it's a newer

player. DoorDash bought the Finnish delivery service Wolt Enterprises in 2021 to expand its reach into countries like Germany, Sweden and Israel.

"We're way closer towards the third inning than the ninth inning. We have a lot more work to do in terms of making improvements to the product," Xu said.

Xu was critical of an effort in New York to set

NOTICE is hereby given that DIEULA JACQUES, P.O Box AP- 59247 Soldier Road, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that CLINTON LAGUERRE, Murray Street, Golden Gates, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

The company said its net loss narrowed to $73 million from $295 million in the third quarter a year ago.

DoorDash attributed that to efficiency gains and disciplined cost management.

The company also laid off around 1,250 workers late last year.

The 19 cents-per-share loss was better than the 40-cent loss Wall Street anticipated.

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given xthat, KRASSALA INCORPORATED is in dissolution and that the date of commencement of the dissolution is the 31st day of October A. D. 2023.

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a minimum wage of nearly $18 per hour for delivery drivers, an action that has been delayed by lawsuits filed by DoorDash, Uber and others. Xu said the law will raise prices and lower demand, ultimately hurting restaurants and other businesses. He noted that 90% of DoorDash drivers work for the platform less than 10 hours per week and use it to supplement their income.

ENERVO ADMINISTRATION LIMITED LIQUIDATOR Montague Sterling Centre, East Bay Street P.O. Box N-3924 Nassau, The Bahamas

NOTICE

NOTICE

NOTICE is hereby given that DOUBY EXANTUS of P. O. Box EL-29939, Palmetto Point, Eleuthera, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that TYLEN BRITNEY DORT of Hamster Road, Faith Avenue, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.